Perrigo (NYSE:PRGO) Updates FY 2024 Earnings Guidance

Perrigo (NYSE:PRGO) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided earnings per share guidance of 2.500-2.650 for the period, compared to the consensus earnings per share estimate of 2.350. The company issued revenue guidance of $4.7 billion-$4.7 billion, compared to the consensus revenue estimate of $4.7 billion.

Analyst Upgrades and Downgrades

Several analysts recently commented on PRGO shares. StockNews.com upgraded Perrigo from a hold rating to a buy rating in a report on Wednesday, April 3rd. Canaccord Genuity Group reissued a buy rating and set a $42.00 target price on shares of Perrigo in a research note on Friday, April 12th. Piper Sandler boosted their target price on shares of Perrigo from $35.00 to $39.00 and gave the company an overweight rating in a research note on Monday, April 8th. Finally, JPMorgan Chase & Co. cut their target price on shares of Perrigo from $48.00 to $41.00 and set an overweight rating on the stock in a research note on Wednesday, February 28th.

Perrigo Stock Performance

Shares of PRGO traded up $0.54 during trading hours on Wednesday, reaching $30.69. 323,567 shares of the company traded hands, compared to its average volume of 1,786,702. The stock’s fifty day moving average is $30.68 and its 200 day moving average is $30.93. The stock has a market cap of $4.16 billion, a P/E ratio of -301.50 and a beta of 0.63. The company has a debt-to-equity ratio of 0.76, a quick ratio of 1.07 and a current ratio of 1.79. Perrigo has a 1-year low of $25.77 and a 1-year high of $40.28.

Perrigo (NYSE:PRGO) last posted its quarterly earnings results on Saturday, May 4th. The company reported $0.29 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.06. Perrigo had a negative net margin of 0.27% and a positive return on equity of 7.34%. The firm had revenue of $1.08 billion during the quarter, compared to analyst estimates of $1.09 billion. During the same quarter in the prior year, the business posted $0.45 earnings per share. The company’s quarterly revenue was down 8.4% compared to the same quarter last year. Equities research analysts anticipate that Perrigo will post 2.55 earnings per share for the current fiscal year.

Perrigo Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 18th. Investors of record on Friday, May 31st will be issued a dividend of $0.276 per share. This represents a $1.10 dividend on an annualized basis and a yield of 3.60%. The ex-dividend date of this dividend is Friday, May 31st. Perrigo’s dividend payout ratio is currently -1,100.00%.

Insiders Place Their Bets

In related news, EVP Alison Ives bought 2,490 shares of the company’s stock in a transaction on Tuesday, March 5th. The shares were purchased at an average cost of $27.26 per share, for a total transaction of $67,877.40. Following the acquisition, the executive vice president now owns 16,122 shares of the company’s stock, valued at approximately $439,485.72. The purchase was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Patrick Lockwood-Taylor acquired 9,500 shares of the firm’s stock in a transaction that occurred on Thursday, February 29th. The stock was acquired at an average cost of $26.54 per share, for a total transaction of $252,130.00. Following the completion of the acquisition, the chief executive officer now owns 20,500 shares in the company, valued at $544,070. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Alison Ives bought 2,490 shares of the business’s stock in a transaction on Tuesday, March 5th. The stock was purchased at an average price of $27.26 per share, for a total transaction of $67,877.40. Following the purchase, the executive vice president now directly owns 16,122 shares in the company, valued at approximately $439,485.72. The disclosure for this purchase can be found here. Insiders acquired 17,990 shares of company stock worth $475,227 over the last ninety days. 0.40% of the stock is currently owned by corporate insiders.

Perrigo Company Profile

Perrigo Company plc provides over-the-counter health and wellness solutions to enhance individual well-being in the United States, Europe, and internationally. It operates through Consumer Self-Care Americas and Consumer Self-Care International segments. The company develops, manufactures, markets, and distributes self-care consumer products, such as upper respiratory products, including cough suppressants, expectorants, and sinus and allergy relief; nutrition products consisting of infant formulas and nutritional beverages; digestive health products, including antacids, anti-diarrheal, and anti-heartburn; pain and sleep-aids products comprising pain relievers and fever reducers; and oral care products, which include toothbrushes, toothbrush replacement heads, floss, flossers, whitening products, and toothbrush covers.